Elon Musk

Twitter’s board of directors has approved Elon Musk’s $44 billion (£34.5 billion) buyout bid.

Elon Musk, who made the surprise proposal less than two weeks ago, claimed that Twitter had “huge potential” that he would unleash.

He also demanded a slew of adjustments, ranging from loosening content restrictions to eliminating bogus accounts.

The company first turned down Elon Musk’s offer, but it will now put the proposal to a vote among shareholders.

According to Forbes magazine, Elon Musk is the world’s richest person, with a net worth of $273.6 billion, owing mostly to his ownership of electric vehicle producer Tesla, which he also controls. He is also the CEO of SpaceX, an aerospace company.

Elon Musk Believes That Twitter Has Immense Potential

The decision comes as lawmakers and authorities put increasing pressure on Twitter over the information that appears on its site. Its efforts to moderate disinformation on the site have garnered criticism from both the left and the right.

It banned former US President Donald Trump, possibly its most influential user, last year in one of its most high-profile measures, citing the possibility of “incitement of violence.”

The right in the United States has reacted positively to the news of the takeover, but Mr. Trump told Fox News on Monday that he had no intentions to return to the platform.

The purchase was described as an “amazing development in the world of social media” by Julian Knight, head of the UK’s Digital, Media, Culture, and Sport Committee, on Twitter. He has proposed, among other things, enabling lengthier posts and allowing users to amend them after they’ve been published.

Following the announcement of the acquisition, Twitter’s stock rose more than 5% on Monday. However, it remained below Mr. Musk’s $54.20 per share bid, indicating that Wall Street feels he is overpaying for the company.